Do You Need a Chapter 7 Bankruptcy Attorney?
It’s time to consider bankruptcy in Modesto CA, if your life has been taken over by looming foreclosure, constant badgering phone calls from creditors, lawsuits or garnishments of your wages or property. Or maybe your debt has you trapped due to the amount of each payment and the extent of the debt. There are many kinds of debt that can get you into these situations, including medical bills, credit card balances, falling behind on your mortgage, loans and back taxes owed to the government and even car repossessions.
Chapter 7 Bankruptcy Lawyers Near Me in Modesto CA
Experienced, professional bankruptcy attorneys understand the difficulties and worries you face. We know your best options. We are here to help and will work with you to alleviate your financial uncertainty. Even before your bankruptcy petition is filed, an attorney can help shield you from creditor harassment. In a non-judgmental and supportive way, we can help you understand your options, the process of filing for bankruptcy, and help lift the burden of financial uncertainty.
Free Bankruptcy Consultation – Call Now (855) 997-4655
Modesto Bankruptcy Attorney, The Bankruptcy Experts, are dedicated BK Lawyers with over 10 years experience in dealing with the complex issues concerning bankruptcy. We have the skills and expertise to handle any type of bankruptcy problems you might be experiencing. We proudly offer our services to businesses and individuals throughout Modesto and the surrounding areas.
You may feel hopeless, and at the mercy of a faltering economy, but don’t despair. Relief is available, and there is no shame in using the law to protect yourself when you are buried under a pile of debt. You aren’t responsible for the economy, and you didn’t create the mortgage crisis. So use the law to protect yourself and your family.
A Second Chance
Bankruptcy laws are in place to help Americans get a second chance when they are snowed under by economic pressures. You have rights, including the right to be free from harassment by creditors. If your creditors are hounding you, you can make them pay. And if your debt has become more than you can manage, you may be able to file for bankruptcy.
The Chapter 7 Bankruptcy Laws are the most common option for people who wish to declare them insolvent. In fact, when people discuss this subject, it is the bankruptcy as explained under chapter 7 of the code of the United States of America. Declare bankruptcy according to Chapter 7 of Bankruptcy Laws is an organized treatment. Particularly, after the introduction of the brand-new laws in October 2005, now, it has become mandatory for you to pas a Means test and go through a credit counseling procedure from a federal government approved credit-counseling firm.
Finding an excellent and knowledgeable bankruptcy lawyer especially if you live in Modesto or in a nearby city.
First, you have to pass a Means test, where all your earnings and necessary expenditures are evaluated. The means test involves deducting the everyday vital expense (the expenses that you can not live without) from the total income on a regular monthly basis. It is only if the output is less than the mean earnings of the state, you can declare bankruptcy under the Chapter 7 of US Bankruptcy Laws. However, in case, the output is more than the median earnings of the state, the bankruptcy court will ask you to file under chapter 13 of the code.
Before you proceed and file under Chapter 7 Bankruptcy Laws, it is vital for you to go through a credit therapy treatment. The purpose of presenting this step is to evaluate the real financial circumstance of the debtor.
The credit counseling company will look into the financial information of the debtor and will try to assist the debtor handle their financial resources and get it back on track, along with paying the debts that the debtor owe to numerous creditors. If there is any possibility to get the financial resources of the debtor managed, the debtor will not be able to file for bankruptcy under Chapter 7. In such case, the court will ask the debtor to file under chapter 13 bankruptcy.
When To File Bankruptcy Under The Chapter 7 Bankruptcy Laws
The debtor must apply for bankruptcy under chapter 7 in the location where he or she is permanent homeowner. If the debtor is running a business in a particular area, she or he should file for bankruptcy in its primary workplace or primary assets. In general, the primary purpose of the chapter 7 bankruptcy laws is to assist the debtor to get remedy for all the financial obligations that she or he presently owes. In this process, the bankruptcy court designates a trustee, who even more proceeds with the procedure of liquidating all the assets and residential or commercial properties of the debtor.
The money hence gathered is then used to settle the claims of the various lenders on priority basis, if any. The of chapter 7 bankruptcy laws offer an opportunity for the debtors to obtain a clean slate for their monetary life, as the bankruptcy code regarding the very same, liquidates all the possessions and residential or commercial properties of the debtors after permitting the exemptions, in order to settle the claims of the financial institutions in a nearby region.
This way, the court brings the wanted financial obligation relief for the debtor.
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